Blog

Choosing The Best Place to Live and Do Business

Best place to live and do business

If you are looking for a new place to live such as a different province then you may want to review the benefits of your potential choices carefully.   If your priority is for residential purposes then you will have one specific type of wants and needs . If you are also looking at re-locating and setting up a business as well then your list of requirements will have to be expanded.

For residential purposes only:

You are going to want to look for areas to live in that are going to meet all of your family’s needs.   For the adults it should be a locale that has plenty of opportunity for employment.   Good schools and easy access to health care may be a priority. You also want to check out the general cost of living.   Don’t think that there will not be some great fluctuations from province to province when it comes to living expenses.

Residential and business:

Your wants are going to include all of those for the residential criteria, but now you have to add the business needs to the list.   Is your business something that is going to fill a need in your new location, and is there a demand for it?   What incentives is the local government offering to new businesses?  What are your tax implications going to be?

 

Usually the first thought that comes to mind when trying to fulfill the needs and wants list is to opt for big city living.   This is actually a trend that is changing.   More people are now seeking out small town living and are finding it to be an ideal solution.  A good example of this exists in Edmonton in a small city called St. Albert.  Its unemployment rate is just slightly above 4%, and it is touted as being one of the higher income earning cities in the country.

Calgary is still high on the movers list for being a great place to live with its enticing opportunity for finding high paying jobs.

When it comes to totally focusing on the tax implications, of course there are many different types of tax that have to be considered.   Staying within Canada is not going to change your Federal tax obligations, but depending on where you choose you may have a different set of Provincial and local tax implications.

Taking your time, and checking out the various locations, and determining the potential tax obligations are just part of the information you need to gather for your next potential move.

Share Your Thoughts!

Contact

Sam Seidman, CPA, CA, LPA
629 Sheppard Avenue West
Toronto, Ontario
M3H 2S3

Telephone: (416) 398-1700
Fax: (416) 398-6226

Chartered Professional Accountant, Chartered Accountant, Licensed Public Accountant

Email: sam@torontoaccountant.ca

Contact Sam today

The information provided here and throughout the site of TorontoAccountant.CA is intended for general tax information only, and should not be misconstrued as a legal source of information regarding your tax situation, or be used for any other purposes other than for general information.
Sam Seidman, Chartered Accountant - Copyright ©2013. All Rights Reserved.